News

Tenaska Closes $158 Million Financing for Wind Project in Southwest Minnesota

November 05, 2019 By Tenaska Nobles 2 Wind Project

Posted on Tuesday, November 5th, 2019.

Construction of Wind Farm Underway; Completion Anticipated in 2020

OMAHA, Nebraska – Independent energy company Tenaska closed $158 million in commercial financing today for the Nobles 2 wind project, which is under construction in Nobles County in southwest Minnesota.

Tenaska has successfully developed approximately 10,500 megawatts (MW) of natural gas-fueled and renewable power projects. Including the Nobles 2 transaction, Tenaska has raised approximately $17.2 billion in capital through bank facilities, capital market transactions, corporate facilities and equity.

“This is Tenaska’s second wind financing in 2019 that has been well received by the lending community,” said Jay Frisbie, Tenaska senior vice president of finance. “This project is well positioned to meet the needs of our customer when it comes online in 2020 and for many, many years into the future.”

Associated Bank, BNP Paribas, CoBank, Credit Agricole and Helaba are providing the debt financing for the project.

The Nobles 2 wind farm is owned by Nobles 2 Power Partners, LLC, which is comprised of affiliates of Tenaska and ALLETE, Inc. ALLETE is an energy company based in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; and BNI Energy in Bismarck, N.D.; and has an 8 percent equity interest in the American Transmission Co.

Construction of the 250-MW Nobles 2 wind farm, located near Wilmont in Nobles County, began in August. Vestas, an industry leader in sustainable energy solutions, is supplying 74 wind turbines and will provide maintenance services for the project. Mortenson, a premier builder and provider of energy and engineering services based in Minneapolis, Minnesota, is the engineering, procurement and construction (EPC) contractor. Mortenson, ranked #4 Power Builder in the United States, has installed wind projects in 30 states and providences across the U.S. and Canada.

Read the full press release from Tenaska here.